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Paperchase has hired advisers at KPMG to draw up store closure plans after becoming the latest British retailer to be hit by the high street slowdown.

The greeting cards retailer is understood to be considering a company voluntary arrangement (CVA) which would allow it to shut a slew of its UK stores amid falling footfall numbers.

Paperchase, which employs 2,000 staff, has grown to around 130 stores in the UK alongside a further 30 sites throughout Europe and the Middle East.

The appointment of restructuring experts by Paperchase follows a tough Christmas with retailers suffering the worst December since the recession. Shares in rival retailer Card Factory tanked last week when it warned that...